A recently published report by Future Market Insights (FMI) reveals that the global food grade alcohol market is scheduled to cross the US$ 13 billion revenue threshold through 2030. The report provides an exhaustive analysis of the key growth drivers from 2020-2030.
Food grade alcohol has been acquiring surging popularity across numerous application areas, ranging from food preservation to pharmaceutical formulations, cosmetics & fragrances manufacturing and spirits. Alcoholic beverages have long abandoned their premium tag, becoming more of a necessity than desire in various households.
Rising disposable incomes have led consumers to demand specialized food and beverage products, compelling manufacturers to introduce innovative formulations across the market. This is touted to be a primary growth accelerator in the coming years.
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Key Takeaways from the Report
- Asia-Pacific likely to emerge as the fastest growing market through 2030
- Growing demand for clean-label products to accelerate organic food grade alcohol market
- By function, food preservation to remain lucrative, pharmaceutical usage gaining traction
- Sugarcane-sourced alcohol demand to remain consistent, fruit-based alcohol acquires momentum
- Spirits production to remain a key food grade alcohol application area
“Abundant availability of raw materials such as fruits and sugarcane in emerging economies is enhancing their profitability, compelling alcohol producers to expand their presence in these regions,” comments an FMI analyst.
COVID-19 Impact Insights
The novel coronavirus pandemic has drastically altered the global economic landscape. Several industries are relegating growth projections to much lower levels than the pre-pandemic levels. The food grade alcohol market has made similar adjustments.
According to experts, the near-term forecast appears to be quite sluggish. Growth is being stifled due to strict curbs on logistics, rendering procurement of ingredients required for the production process quite difficult. This is expected to last until the latter half of 2021.
At the same time, uptake across the pharmaceutical and personal care industries is sustaining demand. Since the pandemic’s onset, hand sanitizer sales have spiked exponentially, with consumers hoarding vast quantities of sanitizer sachets and bottles. Most of these use ethanol in conjunction with other alcohol variants.
Since it is highly effective in eradicating surface grade viruses, uptake of food grade alcohol across the aforementioned industries is slated to witness further growth in the upcoming forecast period.
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Food Grade Alcohol Market Players
The global food grade alcohol market is interspersed with numerous regional and global level manufacturers, rendering it highly competitive. Prominent players include Archer Daniels Midland Company, Cargill Inc., Fairly Traded Organics, Ethimex Ltd., Organic Alcohol Company, GLACIAL GRAIN SPIRITS, CHIPPEWA VALLEY ETHANOL COMPANY, Essentica, MGP Ingredients, and Altia Industrial.
Common strategies employed by the aforementioned players include product innovations & launches, collaborations & partnerships with existing players, acquisitions and strengthening of regional distribution and supply chain networks. The presence of such a wide number of vendors renders the market highly competitive.
More Valuable Insights on Food Grade Alcohol Market
Future Market Insights, in its new report, offers an unbiased analysis of the global food grade alcohol market, analyzing historical demand from 2015-2019 and forecast statistics for 2020-2030. The study reveals growth projections on the food grade alcohol market on the basis of nature (organic and conventional), application (spirits, vinegars, extracts and cosmetics & fragrances), function (aromas, preservatives, solvents, disinfectants and others) and source (sugarcane, wheat, rye, barley, corn and others) across seven prominent regions.
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